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U.S. Securities and Exchange Commission building
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An alleged investment scam invoking pop star Taylor Swift’s name has gotten a former LPL Financial advisor barred from the securities industry.
So reports On Wall Street, which notes that the SEC’s order against Dain F. Stokes came after New Hampshire said it planned to order him to pay a $20,000 fine and compensate the victims.
Stokes, 60, allegedly defrauded three clients out of $576,000 by asking them to invest in a fake charity in Africa, according to New Hampshire investigators. Stokes claimed that Swift—famous for “We Are Never Ever Getting Back Together” and “Shake It Off,” among other hits—was personally involved in the project, the investigators also alleged.
Stokes told the clients that the project would earn a 20% return in 90 days, the state’s petition said, according to the SEC order. Instead, Stokes allegedly used portions of the funds for personal expenses and sent the rest to “various people and entities all over the United States.”
LPL did respond to On Wall Street’s request for comment. Finra’s BrokerCheck shows the independent broker-dealer terminated Stokes last August, citing New Hampshire’s initial petition in the case, the publication reports.
–Ross Snel
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Read More: SEC Bars Financial Advisor Over Taylor Swift Scam